49-23-308. Purchase of service credit — Conditions — Cost — Nondiscrimination policy.
- (1)
- (a) A member may purchase or a member and a participating employer may jointly purchase a maximum of five years of service credit which cannot otherwise be purchased under this title.
- (b) At a minimum, the years of service credit purchased shall be sufficient to allow the member to meet the retirement eligibility requirements of this system with no actuarial reduction.
- (c) The member’s retirement date shall be immediately after the purchase of years of service credit.
- (d) The member shall pay at least 5% of the cost of the purchase.
- (e) To qualify for a purchase of service credit under this section, the member shall:
- (i) have at least five years of service credit; and
- (ii) otherwise meet federal eligibility requirements.
- (2) The purchase price for the years of service credit shall be calculated and paid for as provided in Section 49-11-403.
- (3) Prior to making any purchase of years of service credit under this section, a participating employer shall adopt a purchase policy that includes nondiscriminatory participation standards for all regular full-time employees.
- (4) Only members retiring from this system may purchase service credit under this section.
Enacted by Chapter 266, 2010 General Session